3iQ Files for First Solana ETF in North America Amidst Surge in SOL Interest

Solana Price Update

The Solana price is down 3% in the past 24 hours to trade for $132.63 as of 02:36 a.m. EST.

3iQ Files for Solana ETF in Canada

The fall came despite news that digital asset manager 3iQ has filed for a Solana ETF (exchange-traded fund) to be listed on the Toronto Stock Exchange (TSE) in Canada. If approved, it would mark the first of these SOL-inspired financial instruments in North America.

3iQ Corp. is pleased to announce that we have submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada in relation to an initial public offering.

ETF Details and Yield Potential

  • An approval would also see 3iQ’s Solana ETF holders accrue interest from native SOL staking yields.
  • According to the firm, these yields would come in at around 6% to 8%.
  • The filing proposes that the ETF’s custodians will be Coinbase Custody and Tetra Trust, with the former providing exclusive institutional staking infrastructure for the Solana fund.

Current 3iQ Crypto Products

Based on Yahoo Finance data, the two main cryptocurrency products listed on the TSE by the digital asset manager are 3iQ Bitcoin ETF (BTCQ) valued at about $233 million and 3iQ Ether Staking ETF (ETHQ) valued at about $38.7 million in net assets.

Global Solana ETF Landscape

Bloomberg analyst James Seyffart observed that more than $1 billion worth of Solana ETFs are already offered around the world, including the 21Shares Solana Staking ETP and the ETC Group Physical Solana product in Europe.

Solana Price Prediction Amidst ETF News

The Solana price is trading with a bearish bias, with the one-day timeframe showing a series of lower highs. This is as the altcoin continues to consolidate within a descending parallel channel, with bearish dominance tossing SOL below the centerline of the channel.

Based on the outlook seen in the chart below, the Solana price could record more downside momentum. For starters, the Relative Strength Index (RSI) shows that buying pressure is weakening, with the momentum indicator way below the mean level of 50. In the same way, the Moving Average Convergence Divergence (MACD) is also below the orange band of the signal line and in negative territory.

  • If selling pressure increases, the Solana price could extend the fall to test the $120.83, potentially creating a buying opportunity here before the next leg up.
  • In a dire case, the altcoin could slip below this level for a sweep of the buy-side liquidity residing below this buyer congestion level.

On the other hand, traders capitalizing on the current downtrend to buy SOL cheap could trigger a recovery. If an uptrend ensues, a solid move above the centerline of the channel would be ideal.

While a stable close above the $176.86 level would be ideal, the bearish thesis would only be invalidated if the Solana price achieves a candlestick close above $204.05. Clearing the aforementioned range high would provide the jumping-off point for a new cycle top.

Spot Solana ETF Prospects

For now, however, the possibility of a spot Solana ETF in North America has driven trader interest in Sealana (SEAL), a SOL meme coin that has only four days left in its presale.

Renowned YouTuber Crypto Mischief sees it as a potential next Dogwifhat (WIF), a leading SOL-based meme coin that exploded upon launch.

Introduction to Sealana (SEAL)

SEAL powers the Sealana ecosystem, a character based on a chubby seal that is fully immersed in the Solana Sea. Once sleek and agile, SEAL is so absorbed in Degen trades that he abandons the initial figure of his youth for a diet of chips and tinned tuna. [source]

SEAL Presale Details

The Sealana presale has hurtled past $5 million as investors buy SEAL for only $0.022. If you’d like to join the project, do so quickly before it closes in four days.